MG Motor to Release NFT Series of Over 1,000 Separate Tokens

KoineArth’s NgageN platform has been customised for the transactions related to MG’s NFT sale.

By Radhika Parashar | Updated: 16 December 2021 17:42 IST

MG Motor to Release NFT Series of Over 1,000 Separate Tokens

Photo Credit: Facebook/ MG Motors

MG's NFT collection will be available for sale on December 28

Highlights

Details on how the NFTs will look remain undisclosed
The cost of purchasing these NFTs also not revealed as yet
Proceeds will go to MG’s social service wing

MG Motor has announced the release of its series of non-fungible tokens (NFTs) in India. With this, the The series will comprise of 1,111 units of digital creatives. With this, the British automaker has become the first in the sector to bring its NFT series to the country. A total of 1,111 units of digital creatives will comprise of this series that will go live for sale on December 28. KoineArth's NgageN platform has been customised for the transactions related to MG's NFT sale.

Each of the NFT pieces from MG will be categorised into 4 “C” segments — collectables, community and diversity, collaborative art, and CaaP (car-as-a-platform), the company said in an official statement.

The proceeds raised from the sale of these pieces will be donated to MG Seva via which the company claims to have distributed its ration and medical aid among the needy.

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“We are taking a step to socialise NFTs. As this evolves it is set to bring MG owners and the wider community together to celebrate and own invaluable digital creatives in its numerous forms,” said, Gaurav Gupta, Chief Commercial Officer, MG Motor India.

NFTs are digital collectibles that are built on the blockchain network and their ownerships are also locked and transferrable on the same.

“Our collection with MG will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology,” Praphul Chandra, Founder, KoineArth said.

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In the third quarter of 2021, NFT sales volume surged to $10.7 billion (roughly Rs. 79,820 crores), up by over eightfold from the previous quarter, market tracker DappRadar said in a report.

In recent days, several brands across categories have released their NFT series.

Pepsi, Macy's, Taco Bell, Burger King, and McDonald's are among other brands to have brought in their exclusive NFTs.

In India as well, several celebrities including Bollywood stars Amitabh Bachchan and Salman Khan have launched their NFT collections.

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Further reading: MG Motor, NFT, Non Fungible Token

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More